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Updated: May 20, 2025
The answers to this question involve the changing nature of the domestic and international environments; the complex nature of resolving inter and intra-state conflict that falls outside conventional war, including peacekeeping, and countering terrorism, crime, and the use of weapons of mass destruction; resource constraints; defense infrastructure and technical industrial bases raised on a large, continuous infusion of funding now facing a future of austerity; and the vast uncertainties of the so-called social, economic, and information revolutions that could check or counter many of the nation's assumptions as well as public support currently underwriting defense.
It has suffered from great fires and losses, but it has taken care of its affairs in such a way that it has not found it necessary to appeal to the general public to place blocks of bonds or stock; it has used no underwriting syndicates or stock-selling schemes in any form, and it has always managed to finance new oil field operations when called upon.
The Guardian's got a good name, and its policy sells well; and in the last few weeks, especially " he threw out suggestively. "What's the last few weeks got to do with it?" inquired the innocent and obliging visitor. "Well, I meant the company's desirability from the agent's point of view. You see, they've never had a really broad-gauge man directing their underwriting before you took charge.
"Right I'll remember.... By the way, about the Hudson Bay company, did I tell you that the underwriting negotiations are going through fine? Inside a week we ought to be ready for flotation." Larssen proceeded to enlarge on the subject, and the broken thread of Olive's avowal was not taken up again. They left the offices, and drove back to the Cabaret to rejoin Sir Francis.
"Yes, sir, I should have done so," he substituted. Mr. Wintermuth continued: "We cannot write such risks as that and hope to make an underwriting profit. They say I am a believer in 4 per cent bonds perhaps I am, but I am not a believer in 4 per cent mattress factories." The old gentleman softened his criticism with a smile.
"I fancy we shall come through pretty well," the President agreed. "Although it didn't look much like it at the start." "No," said Smith; "it didn't. But do you know, sir, that in one way we're not making as much of a profit as we should?" "In what way do you mean, Richard?" inquired his chief. "Not in the underwriting," replied the younger man.
There had been few or no cases in the annals of fire insurance where the underwriting of such a company as the Guardian had been placed in the hands of a man scarcely turned thirty. Mr. Wintermuth, going over the situation carefully, began to wish that he had looked a little farther into the future.
In banking, insurance, underwriting, stock and share dealing, manufacturing, and in every branch of shipping the lead of the bakers were followed, and in many cases exceeded.
Underwriting is thus a profitable business when times are good, and the public is feeding freely, but it can only be indulged in by folk with plenty of capital or credit, and so able to carry large blocks of stock if they find themselves left with them.
As has already been observed, that part of the City that lives on handling new issues has been half starved since the war began, because its activities have been practically confined to loans issued by the British Government. These loans have been huge in amount but there has been no underwriting, and brokerages are cut to the bone.
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